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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 90314
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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Wife and I are getting a divorce. She lives in a house in Louisiana

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Wife and I are getting a divorce. She lives in a house in Louisiana and I live in a house in Arizona. We both are on the mortgages. She wants to assume the mortgage on her house and wants me to assume the loan on my house. if the bank agrees, of what value is it to either one of us to assume our mortgage. What value is it to her and what value is it to me?
Submitted: 11 months ago.
Category: Real Estate Law
Expert:  Law Educator, Esq. replied 11 months ago.
Thank you for your new question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

The value of assuming the individual mortgages to the houses each of you live in would be that in case of default of the party who assumes the mortgage, the other party would no longer be liable. If you cannot get the other spouse off of the mortgage, regardless of which party is living in the house if there is a default then the other spouse can still be sued for the foreclosure (while AZ is a non-recourse state, meaning they can foreclose but not sue for any deficiency judgment, in Louisiana they can sue for deficiency judgments if they foreclose on that house in LA and the foreclosure sale does not cover the amount due on the loan). Additionally, once you are each removed from the other's mortgage, these mortgages no longer appear on your credit reports.



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Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 90314
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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